National Assembly Passes ₦54.99trn 2025 Budget

The National Assembly on Thursday passed the ₦54.99 trillion Appropriation Bill for the 2025 fiscal year, separately approved by both the Senate and the House of Representatives.

A breakdown of the budget reveals ₦3.645 trillion allocated for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion earmarked for capital expenditure under the development fund.

The fiscal deficit is projected at ₦13.08 trillion, with a Deficit-to-Gross Domestic Product (GDP) ratio of 1.52%.

This development follows last week’s upward revision of the budget by President Bola Tinubu, who increased it from the initial ₦49.7 trillion to ₦54.2 trillion before seeking legislative approval.

Presenting the bill for consideration, the Chairman of the House Committee on Appropriations, Hon. Abubakar Bichi, disclosed that the committee engaged with the Presidential Economic Planning team to deliberate on revenue projections and expenditure details.

Bichi also noted that the 2025 Appropriation Bill was submitted later than that of the previous year. He urged the executive to ensure timely budget presentation to the National Assembly, at least three months before the next financial year, to sustain the January-to-December budget cycle.

With this approval, Nigeria moves closer to implementing its 2025 fiscal plan, which aims to address key economic challenges and development priorities.